We're yet to hear further details of Prime Minister Alexis
Tsipras' proposal, which comes after his resounding win in
Sunday's referendum, with more than 60% of Greek voters rejecting
the existing proposed bailout deal.

Athens is brushing up against what could be an extremely painful
deadline: The country owes €3.5 billion ($3.85 billion, £2.50
billion) to the European Central Bank on July 20. The ECB is in
charge of providing emergency support for the Greek financial
system, and its banks are running extremely short of physical
cash.

Earlier Wednesday Tsipras was speaking in the European
Parliament, and he said the government was willing to make
reforms but "never-ending austerity" could not be the answer to
the country's problems.

According to Reuters, one eurozone official hinted that there
may be an even bigger gap between Greece and its creditors now
than there was two weeks ago. The source said "the numbers have
to add up, and the numbers have become vastly more unfavourable
since the banks were shut and the economy seized up in the last
10 days."